Truist, Capital One Provide $474M Refi for U.S. Industrial Portfolio

Faropoint, a New Jersey-based real estate investment firm specializing in last-mile industrial properties, has secured $474 million to refinance a portfolio of 85 industrial buildings across the U.S. 

Truist Bank and Capital One provided the debt, which will repay acquisition debt and support future distributions. Moreover, the total deal includes $574 million in total commitments through an $84 million reserve that will distribute capital via an “earn-out” mechanism if the portfolio’s net operating income increases over the term of the loan. 

“The earn-out is what sets this financing apart,” said Mark DeCesare, head of corporate finance at Faropoint, in a statement. “The structure also gives Fund III meaningful flexibility to execute its business plan, from funding future distributions through the earn-out to adding properties through the accordion.”

No broker was listed on the transaction. 

The refinancing encompasses a total of 85 assets within Faropoint’s Industrial Value Fund III, which has secured $2.2 billion in financing since its June 2024 launch. The assets are located in 12 states, particularly near the markets of Chicago, Philadelphia and New York City. 

Truist and Faropoint share a fairly close relationship. The firms partnered on a $340 million refinancing in September 2025, and Truist served to co-arrange Faropoint’s $600 million Fund IV acquisition credit facility, which launched in Jan. 2026. 

“This transaction reflects the strong partnership that Truist and Faropoint have built across multiple funds,” said Alex Rownd, director of real estate corporate banking at Truist.

Capital One has also financed two Faropoint funds in recent years. 

“Faropoint’s experience across its funds has made it a partner we look forward to continuing to grow with,” said Seth Wiener, head of New York regional production at Capital One. 

Brian Pascus can be reached at bpascus@commercialobserver.com.